The European Investment Bank (EIB) grants a loan of 1 billion euros to the Government of Flanders for the Oosterweel project. This news was announced on 15 March by Minister for Budget Bart Tommelein. A loan for one billion euros for one project is exceptional for the EIB. Minister Tommelein: 'With this loan, the European Investment Bank gives the signal that it has confidence in the architectural side of Oosterweel and in the feasibility of the financial model that the Flemish government has developed together with the BAM.'
The one billion euro of the EIB is part of a total loan of 3,6 billion euro of the Antwerp Mobile Management Company (BAM) with the Government of Flanders. The BAM will repay that loan within 35 years after the completion of the works with toll revenues.
The trust of the EIB in the Flemish Government depends, among other things, to its good rating. That amounts to AA2 at Moody's. Flanders is one of the four regions within Europe with a higher rating than the federal government. Thanks to the good rating and the confidence of the EIB, it will be easier for Flanders to find other investors on the international capital market for the remaining 2,6 billion euros. And this at more favorable rates than in the case of BAM finding financing itself.
Flemish Minister for Mobility Ben Weyts: 'This is another important step forward. Not long ago, the Oosterweel project seemed dead and buried. However, we have unblocked the file step by step. Now the shovel is in the ground and the European Investment Bank also endorses our plans. Good news for one of the largest infrastructure projects in Europe. '
General Representation of the Government of Flanders to the EU
